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Icahn Offer Draws Pension Fund Lawsuit Against Southwest Gas (1)

Nov. 19, 2021, 4:34 PMUpdated: Nov. 19, 2021, 7:11 PM

A pension fund filed suit in Delaware against Southwest Gas Holdings Inc. and its board, challenging the company’s response to a tender offer by billionaire activist investor Carl Icahn, who opposes its planned $2 billion deal for a Dominion Energy Inc. pipeline business.

The lawsuit, filed Thursday in Delaware Chancery Court, accuses the company’s directors of omitting critical information from securities disclosures urging investors not to participate in a $75-per-share tender launched by Icahn Enterprises LP in late October, about a month after the board adopted a poison pill to stave off Icahn’s first approach. The tender closes Dec. 27. ...

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